ZhongAn Online P&C Insurance, the first online-only insurer in China, has announced that its subsidiary ZhongAn Technologies International, and Grab Holdings, Southeast Asia’s online-to-offline mobile platform, will establish a joint venture company to enter the digital insurance distribution business in Southeast Asia.
Demand in China’s reinsurance market is a bit weak overall, one reason being the implementation since September 2017 of the second phase of the China Risk-Oriented Solvency System (C-ROSS) that has increased insurance companies’ underwriting capacity and consequently a significant decline in total demand for reinsurance.